You wrote, Okay, another rookie pfd question...do you reinvest you pfd dividends in the same pfd shares immediately? I'm sure this has a lot to do with one's overall dividend strategy ("DRIP" or accumulate) but with the call issue out there are some additional considerations for pfds.

I do, but I bought them for their yield - not for the income. On the other hand, my girlfriend bought a bunch of them for the income - she uses to the proceeds to pay her mortgage.

I happen to think the ability to reinvest dividends is one of the advantages of exchange-traded preferreds. However, most brokers pick-and-choose what preferreds they will DRiP - it seems to be based on trading volume, but not always - so there are a couple of my preferred holdings that still result in a cash payout.

Of course DRiPing in a taxable account can make for some tax and cost accounting headaches especially when it comes time to sell, so hopefully your broker tracks that stuff for you.

Whether or not DRIP makes sense for you will depend on your investment strategy.